Manufacturing Overhead Work in Process Finished Goods 493, 056 (b) 410,880 Bal 8,120 (c) 766,000 Bal. 36,000 (d) 668,000 309,000 92,000 410,880 54,000 766, 000 Bal. 134,000 Bal. 82,176 Bal. Cost of Goods Sold 668,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied $ 25,920 64,320 320,640 s 410,880 For example, of the $54,000 ending balance in work in process, $25,920 was overhead that had been applied during the year. Required 1. Identify reasons for entries (a) through (d) 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry